An annuity contract is one of the three accounts that can exist under a 403(b) plan. These 403(b) annuity contract plans are also known as "tax-sheltered annuities" or "tax-deferred annuities". An annuity contract is beneficial to the individual investor in the sense that it legally binds the insurance company to provide a guaranteed periodic payment to the annuitant once the annuitant reaches retirement and requests commencement of payments. Essentially, it guarantees risk-free retirement income.
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